Reconsideration of Value anyone?

[NJ Valuator]

Just wondering if anybody has partaken in the new ROV protocol yet?

 

[GWISC]

Could you elaborate on new protocol? I am not sure of what you are referring.

 

[Surf Cat]

New ROV protocol....


Make it so...

 

[Dublin ohio]

Just wondering if anybody has partaken in the new ROV protocol yet?

I don't see much difference in the new vs the old. As long as the lender vets the "request" properly not much has changed. I do know for a fact that the reason I do not get rovs from two of my clients is because they "head them off at the pass". But both of them have appraisers that do QC as opposed to QC clerks

 

[alebrewer]

From the lender side - I'd say the vetting is probably more stringent for the borrower submitted ROV's, but otherwise, not much change WRT appraiser's response.

 

[Dublin ohio]

From the lender side - I'd say the vetting is probably more stringent for the borrower submitted ROV's, but otherwise, not much change WRT appraiser's response.

What kind of responses do you typically see.

 

[alebrewer]

What kind of responses do you typically see.

This has been in place since 10/31 and we've yet to receive any...

 

[shrubberyvaluation]

I don't see much difference in the new vs the old. As long as the lender vets the "request" properly not much has changed. I do know for a fact that the reason I do not get rovs from two of my clients is because they "head them off at the pass". But both of them have appraisers that do QC as opposed to QC clerks

Thats good, I don't typically know this but I can tell from some clients the ROVs always as least would seem reasonable to a layman so I'm guessing they must vet them. Others I just scratch my head as it just seems they are pulling the highest priced properties farther away.

Last one I got all the explanations were basically that mine were better ; however, the sales they were giving me weren't that bad.

 

[GWISC]

I am not yet aware of any drastic changes to the ROV request policy.

Seems like most ROV's originate with the borrower. If that is the case, just address each bullet point as they present them in the format Fannie and Freddie want.

 

[TerryRohrer]

I am not yet aware of any drastic changes to the ROV request policy.

Seems like most ROV's originate with the borrower. If that is the case, just address each bullet point as they present them in the format Fannie and Freddie want.

The major change is that lenders have to notify borrowers twice before loan closing that they have the right to file an ROV.